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\begin{tabular}{lccccccccc} \hline
 & (1) & (2) & (3) & (4) & (5) & (6) & (7) & (8) & (9) \\
 & Spillovers & Spillovers & Spillovers & War & Alliances & War & Alliances & Trade & Aid & Trade & Aid & Colonization & Colonization \\
VARIABLES & Electoral democracy index & Electoral democracy index & Electoral democracy index & Electoral democracy index & Electoral democracy index & Electoral democracy index & Electoral democracy index & Electoral democracy index & Electoral democracy index \\ \hline
 &  &  &  &  &  &  &  &  &  \\
Arms technology lag = L, & 0.47** & 0.53*** & 0.54*** & 0.63*** & 0.48*** & 0.70*** & 0.54*** & 0.50*** & 0.46** \\
 & (0.19) & (0.18) & (0.20) & (0.19) & (0.16) & (0.20) & (0.18) & (0.19) & (0.21) \\
Lag GDP per capita (log) = L, & -0.20*** & -0.20*** & -0.17*** & -0.21*** & -0.20*** & -0.15*** & -0.21*** & -0.19*** & -0.20*** \\
 & (0.05) & (0.05) & (0.05) & (0.05) & (0.04) & (0.05) & (0.05) & (0.05) & (0.06) \\
 &  &  &  &  &  &  &  &  &  \\
Observations & 1,882 & 1,882 & 1,882 & 1,812 & 1,882 & 1,726 & 1,882 & 1,842 & 1,098 \\
ColonizerxTime-FE & ) &  &  &  &  &  &  & Yes &  \\
Kleibergen-Paap F-statistic & 37.09 & 37.50 & 28.75 & 39.63 & 37.20 & 37.03 & 39.80 & 36.93 & 31.78 \\
 Countries & 127 & 127 & 127 & 127 & 127 & 123 & 127 & 127 & 49 \\ \hline
\multicolumn{10}{c}{ Robust standard errors in parentheses} \\
\multicolumn{10}{c}{ *** p$<$0.01, ** p$<$0.05, * p$<$0.1} \\
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